No person and no firm or corporation, or agent thereof, shall charge a borrower with any expense of inquiry as to his financial responsibility or expense of negotiating a loan, or charge, at the time of making the loan, the expense of collecting the interest and principal of the loan, unless the total of such charges and of the interest agreed upon is, during any one year, twelve per cent of the loan or less.
Conn. Gen. Stat. § 37-6
Certain expenses not to be charged to the borrower
Applied in 1 court decision — leading case In re Feldman (1966)
Most recently applied in In re Feldman (September 1966)
(1949 Rev., S. 6781.)
Official source: Connecticut General Assembly. Reproduced from public-domain Connecticut statutes; confirm against the official source for the current text. Not legal advice.